Interesting that it hasn't been getting slapped on the slow volume. I couldn't believe that B held at .58 yesterday, and both A and B look to gain today.

Its just so strange to see the stock go from 300k shares yesterday to 25k in the first half of trading the next day. It really seems like there is something coordinated going on.

Bond now at 98.75

No volume on the shares. I was hoping the trend might change when we had volume last Friday. Mondays always seem to be really good, and then the rest of the week we get bid slapped back to the starting blocks.

It's climbing as we speak. Was 98.25 when I looked at it earlier. Really have to wonder at what point the stock has a major breakout. The perfect storm would be the bond over par and the EC submitting a plan that includes stock holders.

Today could be fun.

I think we're getting in to new territory. Between coming EC announcements, the bond's amazing breakout, and getting the auction behind us with a firm coarse towards restructuring the stock could really make a move anytime.

Tronox bond was trading at 97.25 today. Near PAR value now.

someone knows something. to pay top dollar for that size...you probably know something.

A's and B's at .60

B is at .60 already. Shares are moving this morning. Lets see if it gets slapped at the close. This has been bullish so far :)

They were trying hard to slap in the last hour. They got a nibble on the B shares and wacked it from .53 to .45 in the closing minutes. They were trying the same on the A shares and couldn't get it done.

This is interesting to watch. Its almost like they don't want a day to finish up too high...if it climbs during the day but closes where it began, the chart for a quarter would still look flat. I smell a rat.

I can't help but wonder if someone knows something we don't know yet. This is just the kind of behavior we might see right before news in our favor. Of course, it may be purely a result of bond movement.

This is why you should listen to Newtech, and not me lol.

(The above mentioned poster would like to take this time to mention that in his prior post he clearly stated "You know more about the bond/share relationship then I do.)

I agree with you. The only (short term) stumbling block I see is investors belief that (like most Chapter 11's) the common shareholders get wiped out. You know and I know about the Tronox EC, prior fraud of env liabilities that went unreported on the balance sheet, etc. We know that with a judge assigning an EC, this speaks for his frame of mind regarding shareholders.

I suppose that's why I assume that until there is news from the EC, fear and ignorance may continue to suppress value. But frankly, you understand the relationship between the bonds and commons better then I do. And I certainly won't be complaining should the stock start following aggressive moves of the bonds :)

One point of interest, the bid slap happy MM's seem to have cooled off. Which makes me believe they may have lost their shirt on Dec 22, and are steering clear of the stock for now.

Isn't there a possibility that the bond is moving up due the public perception that the bondholders are going to get 70% of restructured Tronox, and the commons stay where they are due to fear that the shareholders are going to get wiped out?

I guess I had just accepted that until we get news from EC that our shares were going to sit.

One interesting thing is that the bid slapping seems to have cooled off at the moment. Usually when the volume was shallow they were slapping it hard.

I'm hoping for news from the EC soon. This place is a tomb lol.

A whole lot of nothing today.

I imagine a guy in a singlewide in Omaha buying a selling shares to himself.

Not a single A or B share in the first 45 minutes of market trading.

Solid gains on the A and B shares this morning. Where are you guys? lol. Usually when we get movement everyone is firing away. Getting back to work after a 7 day hangover Im thinking.

65K shares of A and 20k shares of B traded in the first 90 minutes. What is it with Mondays?

To my knowledge, the EC has no firm date that they have committed to regarding submittal of a plan. However, in an objection submitted Dec 22 they stated that they were a few weeks from having a plan to submit that would demonstate recoveries for all parties including common stock share holders. However, they also discussed using the current plan as a framework, and modifying it.

Very nice of you to put the blog together.

We as investors can never have too much information regarding the direction of stocks. I agree completely regarding your comments on analyzing court documents. Sometimes they even tip you off to the judges frame of mind and what types of things he is after going forward.

I am hoping we see an alternative plan from the EC in the next couple weeks.

Could it have anything to do with the B shares having more voting rights (6 per share) then the A shares?

Happy New Years (Eve) everyone!

More garbage mini trades today. But I think we may see a restructure of the current plan or a new one from the EC in the next week or two. Thats where the action happens.

A toast to the 2000's, and on to the 10's!

Laughed out loud on this one, and I couldn't agree more. More news required.

I think we're going to see this kind of crap until we get a firm plan that includes shareholders.

I think we're going to see good things this week.

Entry into a Material Definitive Agreement, Other Events

http://biz.yahoo.com/e/091224/trxaq.pk8-k.html

Its amazing the extremes we see with the trading volume of this stock. We saw 7 million shares in two days, then we see 1100 shares of B and 22000 of A. In the same week. News has definitely caused shareholders to again resume a death grip on their shares. Three days ago people were trying to fire sell it.

Terrific news. In the limited objections motion filed by the Equity Committee it was stated that that they are a couple weeks away from filing their competing plan. I would say we will see something in mid january if not sooner.

Lets see what impact the news has on the commons today.

I agree with you, Newtech is wonderful and his comments so valuable. Thanks for the moderation of this board!

Im waiting for traders to connect all the dots here and realize that everything is still going our way. At this point, the shares should be going north.

I agree with you, but I think the events that have been unfolding have been ambiguous for the shareholders. Look how many people fire sold their shares because they thought the approval of financing was the approval of the Tronox "Screw the Shareholders we're getting rich" plan. We have people on here asking if their shares are now worthless. We have people that dumped everything. We had about 7 million shares trade in two days.

I think that Bloomberg report is great, because it offers some clarity.

This is outstanding news. The EC was fine with the GS financing, but wanted to modify the plan so that it allowed for competing plans or a complete restructuring of the current plan. They won the motion, judge ordered a change of language.

They are back in court today, so we will have more news.

I think we're sitting pretty guys.

Bloomberg report is a must read.

Dec. 23 (Bloomberg) -- Huntsman Corp. withdrew a motion in U.S. Bankruptcy Court to force Tronox Inc. to sell its assets at auction, providing Tronox with a chance to win preliminary approval today for $425 million of new financing to reorganize.

Huntsman, the so-called stalking-horse bidder, agreed in August to pay $415 million for some assets of Tronox, the Oklahoma City-based maker of titanium dioxide, a pigment used in paper, paint and plastics. An auction had been set for Dec. 21 to seek higher bids.

Judge Allan Gropper in Manhattan adjourned yesterday’s hearing on approval of interim financing by Goldman Sachs Group Inc. to replace earlier funding. After lawyers for Tronox and parties objecting to the new plan ironed out differences, the judge ordered the lawyers to make changes in the language of the agreement and continue with arguments today.

A committee of Tronox shareholders and a U.S. agency monitoring pension plans had objected to Huntsman’s bid as undervaluing the company.

“They have a consolation prize,” Gropper said of Huntsman in court yesterday. “They got a very large breakup fee.”

The acquisition agreement provides Huntsman with a $12.5 million breakup fee and up to $300 million in reimbursed expenses if Tronox cancels the deal and pursues its own reorganization.

Russ Stolle, a Huntsman spokesman, said the company is “evaluating our options.” He declined to elaborate.

Dual Path

Tronox had been pursuing a dual path in bankruptcy, the possible sale to the highest bidder or reorganization on its own. After talks with the creditors committee, holders of some unsecured notes and the U.S. government, the company said Dec. 20 that it planned to reorganize internally.

The timing for preliminary approval of the new financing plan emerged as a key issue during a four-hour hearing in a crowded courtroom yesterday. Goldman Sachs said it must win the go-ahead by Christmas Eve.

“Our commitment runs out on the 24th,” Richard Levy, a lawyer representing Goldman Sachs, told the judge. Levy said Goldman Sachs wasn’t prepared to extend that commitment.

A hearing on final approval of the new financing is scheduled for Jan. 14.

Parties Locked in

A committee representing equity holders had objected to Tronox’s new plan. “It locks in parties to a particular plan,” David Crichlow, the lawyer representing the shareholders, said. “There’s no way we could propose an alternative plan.”

Tronox’s lawyers met with the equity group during a break and agreed that nothing in the plan prevents a “competing plan of reorganization,” Patrick Nash, a lawyer representing Tronox, told the judge.

Also objecting to Tronox’s new plan were the Colorado River Authority and the State of Nevada because of environmental claims against the company.

“The state of Nevada’s rights have been preserved” in the agreement, the judge said, before adjourning the hearing.

Tronox’s new reorganization plan calls for unsecured creditors receiving 70 percent of the new stock in the reorganized company through a $105 million stock rights offering. Unsecured creditors would get 30 percent of the new stock. Existing shareholders would receive nothing, although that is “subject to further discussion,” Tronox said in a Dec. 21 statement.

Volume has certainly settled down a bit. Looks like we shook out alot of folks. The bond price doesnt surprise me, as the current Plan shows the bondholders getting 70%. But its extremely unlikely that the plan will be the final one passed in the months ahead. No way our Equity Committee allows it.

Overall, I think we see the stock begin a recovery. We need more news stating that the plan is a work in process. This news that the current plan is wiping out the shareholders caused some serious waves.

Stoman I think you hit it on the head. He didn't address C, the Equite Committee. It seems as though he just allowed them to enter in to a finance agreement with Goldman Sachs to get the ball rolling, and is going over the particulars of the financing tomorrow.

Another thing we haven't really talked about is the final line of the reuters release " The judge will hold a hearing Wednesday afternoon to go over the order approving the financing." I wonder what "The order" includes.

The other thing I don't understand is that there has been nothing regarding the limited objections by the EC. Where is the info on that motion? Does tomorrows hearing cover this?

Common Stock Information:

If the company does come out of bankruptcy, there may be two different types of common stock, with different ticker symbols, trading for the same company. One is the old common stock (the stock that was on the market when the company went into bankruptcy), and the second is the new common stock that the company issued as part of its reorganization plan. If the old common stock is traded on the OTCBB or on the Pink Sheets, it will have a five-letter ticker symbol that ends in "Q," indicating that the stock was involved with bankruptcy proceedings. The ticker symbol for the new common stock will not end in "Q". Sometimes the new stock may not have been issued by the company, although it has been authorized. In that situation, the stock is said to be trading "when issued," which is shorthand for "when, as, and if issued." The ticker symbol of stock that is trading "when issued" will end with a "V". Once the company actually issues the newly authorized stock, the "V" will no longer appear at the end of the ticker symbol. Be sure you know which shares you are purchasing, because the old shares that were issued before the company filed for bankruptcy may be worthless if the company has emerged from bankruptcy and has issued new common stock.

This is going to come down to if Tronox issues new common stock, or just drops the "Q" listing on the current stock. The stock will then simply be measured against equity. As long as they don't issue post BK stock, we may be fine.

Further:

During bankruptcy, bondholders will stop receiving interest and principal payments, and stockholders will stop receiving dividends. If you are a bondholder, you may receive new stock in exchange for your bonds, new bonds, or a combination of stock and bonds. If you are a stockholder, the trustee may ask you to send back your old stock in exchange for new shares in the reorganized company. The new shares may be fewer in number and may be worth less than your old shares. The reorganization plan will spell out your rights as an investor, and what you can expect to receive, if anything, from the company.

The bankruptcy court may determine that stockholders don't get anything because the debtor is insolvent. (A debtor's solvency is determined by the difference between the value of its assets and its liabilities.) If the company's liabilities are greater than its assets, your stock may be worthless.